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Uflex jumps after arms receives US patent for packaging film

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Uflex rose 5.47% to Rs 294 at 10:16 IST on BSE after the company said that its arm has been granted US patent covering entire categories of formable films.

The announcement was made after market hours yesterday, 3 December 2018.

Meanwhile, the S&P BSE Sensex was down 106.07 points, or 0.29% to 36,134.93.

On the BSE, 15,000 shares were traded in the counter so far compared with average daily volumes of 7,453 shares in the past two weeks. The stock had hit a high of Rs 297 and a low of Rs 287 so far during the day. The stock hit a 52-week high of Rs 506.75 on 26 December 2017. The stock hit a 52-week low of Rs 245.40 on 28 June 2018.

Uflex announced that its global film manufacturing arm, FlexFilms, has been granted United States Patent covering entire categories of formable films that include one or more BOPET layers used in Alu Alu blister packaging. The patent was issued to Flex Films (USA) Inc on 20 November 2018 for a period of 20 years, lending a competitive advantage to the films business of the company over its opponents in cold formed pharmaceutical packaging industry. With the patent issuance, the company gets exclusive right of manufacturing and sale of this special BOPET film in US, Europe and India.

On a consolidated basis, net profit of Uflex rose 1.48% to Rs 95.69 crore on 25.90% rise in net sales to Rs 1976.35 crore in Q2 September 2018 over Q2 September 2017.

Uflex is India's largest multinational flexible packaging materials and solution company and an emerging global player.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, December 04 2018. 10:18 IST